证券代码：300442 证券简称：润泽科技 公告编号：2025-027 润泽智算科技集团股份有限公司 关于回购注销部分股份减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、通知债权人的原因 润泽智算科技集团股份有限公司（简称"公司"）分别于 2025 年 4 月 22 日、 2025 年 5 月 20 日召开第四届董事会第二十九次会议、2024 年年度股东大会，审 议通过了《关于重大资产重组业绩承诺实现情况、业绩承诺期满减值测试结果及 业绩补偿方案暨拟回购注销对应补偿股份的议案》。具体内容详见公司分别于 2025 年 4 月 24 日、2025 年 5 月 20 日在中国证券监督管理委员会（简称"中国 证监会"）指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 《第四届董事会第二十九次会议决议公告》（公告编号：2025-004）、《关于履 行业绩承诺暨重大资产重组业绩承诺实现情况、业绩承诺期满减值测试结果及业 绩补偿方案的公告》（公告编号：2025-010）、《2024 年年度股东大会决议 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating a positive outlook compared to the market [3]. Core Insights - The report highlights significant developments in the domestic AI chip sector, particularly the upcoming launch of the Harmony PC and advancements in AI applications, which are expected to drive growth in the cloud computing market [3][4]. - The performance of major players like Meta and Tencent shows a mixed trend, with capital expenditures declining, raising concerns about market dynamics [4]. - The report emphasizes the increasing demand for AI applications, with a notable surge in the usage of large models, indicating a robust growth trajectory for the industry [63]. Summary by Sections Industry Data - In Q1 2025, the software industry revenue reached 3.15 trillion yuan, growing by 10.6% year-on-year, with profit margins also improving [12][13]. - The IC design sector showed the highest growth rate at 19.7%, driven by the demand for AI applications and the need for domestic chip production [17]. Domestic Developments - The report discusses the impact of U.S. export controls on AI chips, which have led to increased uncertainty for domestic server ecosystems [26][30]. - The launch of the Harmony PC on May 19, 2025, is seen as a critical step towards enhancing the domestic operating system landscape [56][58]. AI Sector - The report notes that the demand for AI applications has exploded, with daily token usage for the Doubao large model reaching 12.7 trillion, a 3.18-fold increase from December 2024 [63]. - The upcoming release of the DeepSeek-R2 model, which boasts 1.2 trillion parameters, is expected to be a focal point in the market [72]. Computing Power - The report indicates a clear differentiation in the performance of data center operators, with traditional IDC competition intensifying while AIDC is experiencing rapid growth [4]. - Major tech companies are increasing their capital expenditures for AI and core business investments, with Meta raising its investment range for 2025 to between 64 billion and 72 billion USD [4].

Summary of Key Points Core Viewpoint - As of May 16, the total market financing balance decreased to 1.79 trillion yuan, indicating a slight reduction in investor activity in the market [1]. Company and Industry Analysis - The financing balance in the Shanghai market was 907.43 billion yuan, down by 0.92 billion yuan, while the Shenzhen market's balance was 882.06 billion yuan, also down by 0.92 billion yuan. The North Exchange's financing balance decreased to 5.38 billion yuan, down by 0.038 billion yuan [1]. - On May 16, a total of 1,712 stocks received net financing purchases, with 257 stocks having net purchases exceeding 10 million yuan. Notably, 22 stocks had net purchases over 50 million yuan [1]. - The top three stocks by net financing purchases on May 16 were: - China Merchants Bank: 170.42 million yuan - Tonghua Golden Horse: 167.08 million yuan - China Ping An: 136.61 million yuan [2]. - The industries with the highest concentration of stocks receiving net financing purchases over 50 million yuan included automotive, basic chemicals, and food and beverage, each with three stocks listed [1]. - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.01%, with Dongtu Technology having the highest ratio at 9.79% [2]. - The financing net purchase rankings on May 16 highlighted several stocks, including: - Dongtu Technology: 8.04 million yuan, 7.58% increase - Tonghua Golden Horse: 16.71 million yuan, 2.45% increase - BYD: 9.85 million yuan, 3.28% increase [2][3].

Group 1 - The China Securities Big Data Industry Index (930902) decreased by 0.33% as of May 16, 2025, with mixed performance among constituent stocks [3] - Tianxiaxiu (600556) led the gains with an increase of 2.77%, while Taxfriend (603171) experienced the largest decline at 2.37% [3] - The Data ETF (516000) also fell by 0.33%, closing at 0.91 yuan, but has seen a cumulative increase of 1.44% year-to-date, ranking in the top third among comparable funds [3] Group 2 - The Data ETF had a turnover rate of 2.32% during the trading session, with a total transaction volume of 9.6766 million yuan [3] - Over the past year, the average daily transaction volume for the Data ETF was 16.8495 million yuan [3] - The latest share count for the Data ETF reached 455 million, marking a one-month high [3] Group 3 - The Data ETF recorded a net inflow of 6.4383 million yuan recently, accumulating a total of 19.9569 million yuan over the last eight trading days [3] - On May 15, Huawei announced a product launch event for the nova 14 series and the first HarmonyOS computer, scheduled for May 19 [3] Group 4 - As of April 30, 2025, the top ten weighted stocks in the China Securities Big Data Industry Index accounted for 50.19% of the index, with iFlytek (002230) having the highest weight at 8.49% [4] - Other significant stocks include Zhongke Shuguang (603019) at 8.32% and Unisplendour (000938) at 6.40% [4][6]

Group 1 - The A-share AI technology sector opened high on May 13 but experienced fluctuations and a subsequent decline [1] - The ChiNext AI ETF (159381) closed flat at midday, with its largest holding, Xinyi Technology, rising by 2.6% [1] - The ChiNext AI ETF has the lowest comprehensive fee rate among AI ETFs, with an annual management fee of 0.15% and a custody fee of 0.05% [1] Group 2 - The ChiNext AI ETF tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext, covering hardware, software, and application leaders in the AI industry [1] - The top ten holdings of the ETF include leading companies in optical modules, optical chips, IT services, and data centers, such as Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication [1] - Recent developments in the AI sector are expected to catalyze growth, with Tencent and Alibaba set to release their Q1 reports on May 14, focusing on Capex guidance and AI application progress [1] Group 3 - The ByteDance AI conference on May 13 will feature upgrades to the Doubao large model family and the release of several Agent tools [2] - The Alibaba AI conference on May 13-14 will announce the commercialization of Qwen3 and showcase its applications in enterprise-level Agents [2] - Huaxi Securities notes that the appreciation of the RMB will help boost Chinese assets, with AI+ becoming a key allocation theme in May due to ongoing high capital expenditure in the AI sector [2] Group 4 - Industrial events in the AI sector are expected to catalyze growth, with the domestic technology industry at a critical breakthrough point [2] - Industrial trends suggest that the technology sector, having adjusted to low levels, may regain focus as new industry events emerge in May and June [2] - The emphasis on self-reliance and application-oriented development by the state indicates significant potential for the domestic AI industry chain and applications in the medium to long term [2]

Group 1 - The core index, the China Securities Cloud Computing 50 Index, rose by 1.5% to 2058.93 points, with a trading volume of 47.763 billion yuan [1] - Over the past month, the index has increased by 11.51%, while it has decreased by 4.63% over the last three months and has risen by 5.98% year-to-date [1] - The index comprises 50 listed companies involved in providing Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), and hardware for cloud computing [1] Group 2 - The top ten weighted companies in the index include: Zhongke Shuguang (8.2%), Zhongji Xuchuang (7.35%), Xinyi Sheng (7.16%), Kingsoft Office (6.17%), Unisplendour (5.26%), Inspur Information (5.25%), Runhe Software (4.51%), Hengsheng Electronics (4.03%), Tuwei Information (3.32%), and Runze Technology (3.18%) [1] - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 67.05%, while the Shanghai Stock Exchange accounts for 32.95% [1] Group 3 - The industry composition of the index holdings includes: Computers (49.05%), Communication Equipment and Technical Services (34.08%), Electronics (13.45%), Power Equipment (1.55%), Telecommunications Services (1.13%), Commercial Services and Supplies (0.42%), and Machinery Manufacturing (0.32%) [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] Group 4 - Public funds tracking the Cloud Computing 50 Index include the Xinhua China Securities Cloud Computing 50 ETF [3]

证券代码：300442 证券简称：润泽科技 公告编号：2025-025 润泽智算科技集团股份有限公司 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"）于 2025 年 4 月 22 日召开 第四届董事会第二十九次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用不低于人民币 5 亿元（含本数）且不超过人民币 10 亿元（含本数） 的自有资金或自筹资金（回购专项贷款）以集中竞价交易方式回购公司部分人民 币普通股（A 股）股份，回购价格不超过人民币 75.00 元/股（含）。按照回购价 格上限和回购金额上限测算，预计可回购股份数量为 13,333,333 股，约占公司总 股本的 0.77%；按照回购价格上限和回购金额下限测算，预计可回购股份数量为 6,666,667 股，约占公司总股本的 0.39%，具体回购股份数量以回购实施完成时实 际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通过本次 回购股份方案之日起 12 个月内。具体内容详见公司分别于 2025 年 4 月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue for 2024 is projected to be 43.65 billion yuan, with a year-over-year growth of 0.32%. The net profit attributable to shareholders is expected to be 17.90 billion yuan, reflecting a year-over-year increase of 1.62% [2] - The IDC business showed steady development, generating revenue of 29.14 billion yuan in 2024, down 7.56% year-over-year, while the AIDC business achieved revenue of 14.51 billion yuan, up 21.03% year-over-year [4][5] - The company is expanding its energy consumption resources, with a 130% increase in energy consumption indicators compared to the end of 2023, and plans to deliver additional computing centers in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 43.65 billion yuan, with a net profit of 17.90 billion yuan. The fourth quarter of 2024 saw a revenue of 9.08 billion yuan, down 45.64% year-over-year, and a net profit of 2.77 billion yuan, down 56.89% year-over-year [2] - For Q1 2025, the company achieved a revenue of 11.98 billion yuan, representing a year-over-year increase of 21.40%, while the net profit was 4.30 billion yuan, down 9.29% year-over-year [3] Business Segments - The IDC business generated 29.14 billion yuan in revenue for 2024, with a gross margin of 47.53%, down 6.93 percentage points year-over-year. The company has completed upgrades to several low-power data centers, which are expected to recover and generate new orders [4] - The AIDC business reported a revenue of 14.51 billion yuan in 2024, with a gross margin of 51.75%, up 18.65 percentage points year-over-year. The company is focusing on building new-generation intelligent computing centers to meet the growing demand [5] Growth Prospects - The company has a robust order backlog and plans to deliver five additional computing centers in 2025, totaling approximately 420MW. The focus will be on regions with high economic development and significant computing demand [6] - The company is also progressing with public REITs, having initiated the issuance process at the end of 2023, which is expected to enhance its financing capabilities [11] Profitability Forecast - The company aims for significant profit growth, with net profit targets set at 27.28 billion yuan, 31.83 billion yuan, and 36.37 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 50%, 75%, and 100% compared to 2024 [12] - The projected net profits for 2025, 2026, and 2027 are 26.90 billion yuan, 33.12 billion yuan, and 41.02 billion yuan, with corresponding P/E ratios of 31, 25, and 20 [13]

润泽科技（300442）公告，公司股东宁波枫文、平盛安康、上海炜贯和平安消费计划自公告披露之日起 15个交易日后的3个月内，通过集中竞价或大宗交易方式合计减持公司不超过320万股股份，占公司总股 本的0.19%。减持原因为自身资金需求，减持股份来源为公司2022年重大资产重组时发行的有限售条件 股份。减持价格将按市场价格确定，本次减持计划的实施不会导致公司控制权变更。 ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-024 润泽智算科技集团股份有限公司 关于持股 5%以上股东减持股份的预披露公告 公司股东宁波枫文股权投资基金合伙企业（有限合伙）、宁波梅山保税港区 平盛安康股权投资基金合伙企业（有限合伙）、上海炜贯投资合伙企业（有限合 伙）、天津市平安消费科技投资合伙企业（有限合伙）保证向本公司提供的信息 披露内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 公司于近日收到一致行动人宁波枫文、平盛安康、上海炜贯、平安消费（合 称"减持主体"）出具的《股份减持计划告知函》，现将有关情况公告如下： 一、减持主体的基本情况 截至本公告披露日，拟实施本次减持计划的减持主体基本情况如下： | 序号 | 股东名称 | 持有数量（股） | 占公司总股本比例 | | --- | --- | --- | --- | | 1 | 宁波枫文 | 35,412,534 | 2.0571% | | 2 | 平盛安康 | 23,903,460 | 1.3885% | | 3 | 上海炜贯 | 20,362,2 ...